Financing your Property: Mortgages in Spain
If you want to buy a property in Spain, a new home on the Costa Blanca or a holiday apartment in Spain the right solution might be to take out a mortgage with a Spanish bank as the interest rates are usually a lot lower.
We highly recommend you to shop around and check the offers from different banks as there is a lot of competition between Spanish banks.
Once you find the best offer for your mortgage you will be asked by your bank to provide them with some paperwork in order to check if you are able to pay. Liabilities should not exceed 35% of your net monthly income. Banks use the following details to check your ability to pay off the mortage:
The most common documents requested are the following:
Buyers with Spanish residence permit
You will also be required to have a NIE (Numero de Identificación para Extranjeros) which is like a tax identification number you will need in order to buy or sell property in Spain.
After checking if you are able to pay the mortgage, then the bank will send a surveyor over to evaluate the property you want to buy and after the evaluation report you will finally know if you can borrow the amount you requested. Most Spanish banks currently offer mortgages of 60-80% of the property evaluation. They normally offer a lower amount if you are not resident in Spain and it is not your residential home.
As part of our legal services we offer our clients our help to arrange a mortgage in Spain with no inconvenience for you. We will take all the necessary documents to different banks, negotiate the best conditions for you and make sure that you get the best financing option to buy your property in Spain.